In recent days, whale activity has intensified within the Dogecoin ecosystem, signaling a potentially bullish future for DOGE. According to market expert Ali Martinez, Dogecoin whales have accumulated 1.4 billion DOGE in just two days, spending a staggering $140 million. This large-scale accumulation has sparked optimism across the Dogecoin community, raising expectations for a significant price increase.
DOGE Breaks Major Resistance Level
A key development fueling this optimism is Dogecoin’s recent surge past the critical $0.11 resistance level. This level was particularly strong, as around 62,270 addresses held over 36 billion DOGE at or near this price. Historically, such supply regions present resistance, as holders often sell to break even or secure a small profit.
Thanks to the increased whale activity and other bullish factors, Dogecoin successfully pushed through this resistance, leading to a surge in price. At the time of writing, DOGE is trading at $0.1148, marking a 5.56% increase over the past 24 hours. The memecoin’s market cap now sits at an impressive $16.7 billion.
Ali Martinez’s Bullish Prediction
Ali Martinez had previously predicted this price action, noting bullish signals in Dogecoin’s Relative Strength Index (RSI) on the daily chart. Martinez pointed out that the RSI broke above a descending trendline, indicating a positive outlook for DOGE. The analyst suggests that Dogecoin could further rise to $0.15 if it maintains its position above the $0.11 resistance level.
In a more ambitious forecast, Martinez hinted at the possibility of Dogecoin reaching $2 during this bull run. He based this prediction on Dogecoin’s historical performance, referencing previous price surges of 229.6% and 138% following similar descending triangle breakouts. Martinez believes that if Dogecoin follows this pattern, it could repeat past rallies and hit the $2 mark.
What’s Next for Dogecoin?
For now, Dogecoin’s price outlook remains optimistic. Holding above the $0.11 resistance is crucial for any further upward momentum, and market watchers will be keeping a close eye on whether DOGE can push toward the $0.15 target in the coming days. As whale accumulation continues and market sentiment remains bullish, Dogecoin’s price trajectory could follow a similar path to past bull runs.